Beacon and CalSTRS acquire San Francisco office space for $191.5m

Beacon Capital Partners and California State Teachers Retirement System (CalSTRS) have reportedly purchased a class A, 263,000-square-foot office property in San Francisco’s financial district for approximately $191.5 million.

CalSTRS confirmed the purchase, which was acquired through a joint partnership with Boston-based Beacon Capital, but a pension fund representative could not comment on other details regarding the transaction. Beacon could not be reached for comment at the time of publication.

The 25-story building is located at 655 Montgomery St. and houses tenants such as WeWork, Telmate, and Redfin Corporation, according to Black Creek Group, the parent company of seller Black Creek Diversified Property Fund.

Black Creek Diversified Property Fund is an open-ended NAV REIT managed by Black Creek Group. It invests in offices, retail, industrial and multifamily housing.

The fund acquired the 655 Montgomery St. property in November 2013 for approxim